Banque Cantonale Vaudoise Has $18.90 Million Stake in Bank of America Corporation $BAC

Banque Cantonale Vaudoise reduced its position in Bank of America Corporation (NYSE:BAC) by 12.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 343,696 shares of the financial services provider’s stock after selling 47,437 shares during the quarter. Bank of America comprises about 0.7% of Banque Cantonale Vaudoise’s portfolio, making the stock its 21st largest holding. Banque Cantonale Vaudoise’s holdings in Bank of America were worth $18,904,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Wiser Advisor Group LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $27,000. Legacy Bridge LLC raised its position in Bank of America by 182.3% during the fourth quarter. Legacy Bridge LLC now owns 511 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 330 shares in the last quarter. Collier Financial bought a new stake in Bank of America during the third quarter worth $30,000. Joseph Group Capital Management acquired a new stake in shares of Bank of America in the 4th quarter valued at $32,000. Finally, HFM Investment Advisors LLC boosted its holdings in shares of Bank of America by 566.0% in the 4th quarter. HFM Investment Advisors LLC now owns 626 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 532 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Geoffrey S. Greener sold 126,756 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the completion of the transaction, the insider directly owned 1,373,397 shares in the company, valued at approximately $72,803,774.97. This represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James P. Demare sold 83,832 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $50.00, for a total transaction of $4,191,600.00. Following the transaction, the insider directly owned 307,240 shares of the company’s stock, valued at $15,362,000. The trade was a 21.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 354,588 shares of company stock valued at $17,814,296. 0.27% of the stock is owned by insiders.

Bank of America Price Performance

Shares of BAC opened at $50.67 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.18. The stock has a market cap of $359.59 billion, a PE ratio of 12.54, a PEG ratio of 0.86 and a beta of 1.21. Bank of America Corporation has a 12-month low of $42.35 and a 12-month high of $57.55. The business has a 50-day simple moving average of $50.46 and a two-hundred day simple moving average of $52.41.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. The firm had revenue of $30.27 billion for the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. Analysts anticipate that Bank of America Corporation will post 4.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s payout ratio is presently 27.72%.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. The Goldman Sachs Group boosted their price target on Bank of America from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Jefferies Financial Group lifted their target price on Bank of America from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Oppenheimer boosted their target price on Bank of America from $58.00 to $61.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Daiwa Securities Group increased their target price on shares of Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, HSBC raised their price target on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $61.06.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Negative Sentiment: CFRA cut Bank of America (BAC) to Hold, suggesting limited near-term upside after the recent run in large bank stocks and weighing on sentiment toward the shares. Bank of America Cut to Hold by CFRA: Is the Big Bank Trade Running Out of Gas?
• Neutral Sentiment: Bank of America released a Better Money Habits study showing Gen Z is increasingly managing expenses on its own, but the report is mainly a consumer insight update and does not directly change earnings expectations. BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
• Neutral Sentiment: Financial stocks were weaker ahead of the open, pointing to broader sector pressure that can spill over into BAC even without company-specific news. Sector Update: Financial Stocks Fall Pre-Bell Tuesday

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.